Good points Eric. Like everything else, it all depends. Water gives you a lot more options. With it, you can fish, swim or raise livestock. Without it, none of those things are possible.
In Texas, it is said that acreage under water has 10 times the value of dry land. Of course, the tax assessor feels the same way.
Another observation. When I travel, I stop and buy small town newspapers. The voyeur in me wants to know what life is like in other places. I have noticed that land with trees, hills, erosions, rocks, draws, creeks and ponds sells for a premium. Useable land that can be farmed and actually produce something of value is much cheaper.
